Omaxe Q1 sales booking down by 16% at Rs 436 cr

Omaxe reported that it sold 2 mn sq ft of area in the first quarter of FY13 as against 2.6 mn sq ft in the corresponding period of FY12

Realty firm Omaxe Ltd sold properties worth Rs 436 crore during the first quarter of this fiscal, down by 16% from the year-ago period.

The company had achieved a sales booking of Rs 522 crore in the April-June quarter of last fiscal.

In an analyst presentation, Omaxe reported that it sold 2.01 million sq ft of area in the first quarter of 2012-13 fiscal as against 2.62 million sq ft in the corresponding period of previous year.

However, the average sales realisation improved to Rs 2,167 per sq ft from Rs 1,996 a sq ft during the period under review. Haryana, Punjab and Uttar Pradesh were the major contributors in the sales bookings.

On debt position, the presentation said gross debt has reduced by Rs 45 crore during the quarter and stood at Rs 1,295 crore as on June 30, 2012 against Rs 1,340 crore at the beginning of this fiscal.

The company needs to repay Rs 377 crore in the remaining nine months of this fiscal.

Earlier this month, Omaxe had reported a decline of 9.24% in its consolidated net profit for the quarter ended June 30 at Rs 18.18 crore as against Rs 20.03 crore in the same quarter last year.

The consolidated total income from operations during the first quarter, however, went up by 11.22% to Rs 368.30 crore from Rs 331.15 crore in the year-ago period.

Omaxe is currently developing 16 housing, 19 townships, and nine commercial projects. That apart, it is also undertaking 10 contractual projects for other parties.

The company's share price was up by nearly one% at Rs 156.95 on the Bombay Stock Exchange in late trade.